Singapore Real Estate
UOL is right to bank on prime 99-year leasehold housing projects
Residents of suburban condominiums can access various facilities within their developments as well as tap into public transport, shopping, healthcare, education and recreation amenities nearby.
https://www.businesstimes.com.sg/opinion-features/uol-right-bank-prime-99-year-leasehold-housing-projects
Condo resale prices climb 1.5% in April as volumes hit 13-month high
Condominium resale prices rose by 1.5 per cent in April after trending sideways for the past six months. This came as volumes reached a 13-month high. Flash data from SRX and 99.co released on Monday (May 27) showed that 1,122 condo units changed hands for the month, up from the 911 units resold in March.
https://www.businesstimes.com.sg/property/condo-resale-prices-climb-1-5-april-volumes-hit-13-month-high-srx-99-co
https://www.straitstimes.com/singapore/condo-resale-prices-climb-15-in-april-as-volumes-hit-13-month-high
Rents on luxury homes cool in first quarter as Singapore drags market while Sydney, Auckland and London log best gains
Rents on luxury properties in 15 major world cities rose last quarter by the slowest pace in more than three years, as prices weakened in Singapore, Toronto and Hong Kong, according to Knight Frank. Sydney, Auckland and London were the hottest markets.
https://www.scmp.com/business/article/3264304/rents-luxury-homes-cool-first-quarter-singapore-drags-market-while-sydney-auckland-and-london-log
Open-concept HDB flats without partitions or beams to be piloted in Kallang-Whampoa BTO project
Home seekers will soon have the option of a new type of Housing Board flat without partitions and beams, which creates an open-concept living and bedroom space. These “white flats” will be piloted in a Build-To-Order (BTO) project in Kallang-Whampoa that will be launched in October, said National Development Minister Desmond Lee on May 27.
https://www.businesstimes.com.sg/property/open-concept-hdb-flats-without-partitions-or-beams-be-piloted-kallang-whampoa-bto-project
https://www.straitstimes.com/singapore/housing/open-concept-hdb-flats-without-partitions-or-beams-to-be-piloted-in-kallang-whampoa-bto-project
https://www.todayonline.com/news/open-concept-hdb-flats-without-partition-walls-be-piloted-october-2430266
https://www.channelnewsasia.com/singapore/hdb-new-open-concept-layout-no-walls-beams-bto-kallang-whampoa-436580
Business News
Property tycoon Gordon Tang and family to fully acquire ARA H-Trust’s managers, buy 19% stake in stapled group
ARA Asset Management, owner of ARA US Hospitality Trust : XZL 0%’s (ARA H-Trust) sponsor, has agreed to sell the trust’s managers to Acrophyte Asset Management, an entity wholly owned by property tycoon Gordon Tang and his wife Celine, the trust’s managers announced on Monday (May 27).
https://www.businesstimes.com.sg/companies-markets/reits-property/property-tycoon-gordon-tang-and-family-fully-acquire-ara-h-trusts-managers-buy-19-stake-stapled
https://www.straitstimes.com/business/property-tycoon-gordon-tang-and-family-to-acquire-managers-and-19-of-ara-h-trust
IOI Properties names ex-Frasers China exec as Singapore CEO
IOI Properties has appointed Lorraine Shiow as its first chief executive officer of its Singapore operations, it said on Monday (May 27). The appointment is part of the Malaysia property developer’s long-term plans to expand its Singapore portfolio.
https://www.businesstimes.com.sg/property/ioi-properties-names-ex-frasers-china-exec-singapore-ceo
Lendlease to exit overseas construction operations, focus on cost cuts
Lendlease Group said on Monday it would recycle A$4.5 billion (S$4 billion) of capital by exiting its overseas business, and undertake a A$500 million phased share buyback plan, in a bid to reorganise its structure and cut costs.
https://www.businesstimes.com.sg/property/lendlease-exit-overseas-construction-operations-focus-cost-cuts
https://www.straitstimes.com/business/lendlease-to-exit-overseas-construction-operations-focus-on-cost-cuts
OUE Reit makes interest rate swap with carbon credits in S$75 million transaction
OUE Real Estate Investment Trust (Reit) has completed an interest rate swap with a set of voluntary carbon credits, through a transaction with OCBC, said the Reit’s manager, OUE Reit Management, on Monday (May 27).
https://www.businesstimes.com.sg/companies-markets/oue-reit-makes-interest-rate-swap-carbon-credits-s75-million-transaction
https://www.straitstimes.com/business/companies-markets/oue-reit-makes-interest-rate-swap-with-carbon-credits-in-75-million-transaction
Views, Reviews, Forum and Others
Maximum fine for workplace safety breaches to be raised from $20k to $50k from June 1
Singapore – Companies breaching safety regulations will soon face a higher maximum fine of $50,000 – up from $20,000 – and construction sites with a contract sum of at least $5 million must have surveillance cameras.
https://www.straitstimes.com/singapore/maximum-fines-for-workplace-safety-breaches-to-be-raised-from-20k-to-50k-from-june-1
https://www.channelnewsasia.com/singapore/workplace-safety-breaches-maximum-fines-50000-jun-1-mom-4366221
Clinics pump in more resources to combat spike in COVID-19 cases, respiratory infections
Singapore: As Singapore rides a new COVID-19 wave, some clinics are putting in more resources, including extra manpower and medication supplies, to cope with the rise in the number of patients.
https://www.channelnewsasia.com/singapore/covid19-respiratory-infections-surge-kp1-kp2-flirt-variant-clinics-doctors-resources-4366136
Woman fined over S$175,000 for illegally renting out 3 units to Airbnb customers
Singapore: A Singaporean woman who sold short-term stays at three units to guests on Airbnb for almost three years, earning about S$162,000 (US$120,000) in revenue, has been fined more than S$175,000 by a court.
https://www.channelnewsasia.com/singapore/woman-fined-175k-illegal-rent-airbnb-short-term-stay-ura-4366206
Global Economy & Real Estate
WHO chief urges countries to quickly seal pandemic deal
https://www.businesstimes.com.sg/international/who-chief-urges-countries-quickly-seal-pandemic-deal
Commentary: What do Biden’s big new China tariffs mean for the rest of the world?
https://www.channelnewsasia.com/commentary/us-biden-china-tariff-ev-global-development-clean-energy-4366121
Catering to ultra-rich is booming business in Perth, Australia
https://www.straitstimes.com/business/catering-to-ultra-rich-is-booming-business-in-perth-australia
AI investment wave driving money into data centre deals in Asia-Pacific
https://www.businesstimes.com.sg/property/ai-investment-wave-driving-money-data-centre-deals-asia-pacific
Bets on Canada rate cut hold out hope for lagging banks
https://www.businesstimes.com.sg/companies-markets/banking-finance/bets-canada-rate-cut-hold-out-hope-lagging-banks
China’s EV dominance in Asia-Pacific faces no immediate challenger
https://www.businesstimes.com.sg/international/global/chinas-ev-dominance-asia-pacific-faces-no-immediate-challenger
Hotels in China can attract Reit investors with 4% annual returns, or double their current yield, JLL says
https://www.scmp.com/business/companies/article/3264313/hotels-china-can-attract-reit-investors-4-annual-returns-or-double-their-current-yield-jll-says
China hotels barred from refusing foreign guests as government strives for ‘first-class business environment’
https://www.channelnewsasia.com/east-asia/china-hotels-barred-refusing-foreign-guests-tourism-complaints-4366571
China’s property stimulus raises risks for banks in smaller cities: S&P Global
https://www.businesstimes.com.sg/property/chinas-property-stimulus-raises-risks-banks-smaller-cities-sp-global
Shanghai lowers home downpayments, eases buying curbs
https://www.businesstimes.com.sg/property/shanghai-lowers-home-downpayments-eases-buying-curbs
https://www.scmp.com/business/article/3264289/china-property-shanghai-relaxes-home-buying-restrictions-grants-subsidies-new-flats-revive-sector
China Vanke sells Shenzhen land plot at loss-making reserve price
https://www.businesstimes.com.sg/property/china-vanke-sells-shenzhen-land-plot-loss-making-reserve-price
ECB shouldn’t exclude second rate cut in July, Villeroy says
https://www.businesstimes.com.sg/international/ecb-shouldnt-exclude-second-rate-cut-july-villeroy-says
German business outlook improves with economic momentum building
https://www.businesstimes.com.sg/international/german-business-outlook-improves-economic-momentum-building
Half of Hong Kong workers will consider quitting if employers ask them to spend more time in office: survey
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3264307/half-hong-kong-workers-will-consider-quitting-if-employers-ask-them-spend-more-time-office-survey?module=top_story&pgtype=subsection
Hong Kong hones in on Middle East, Indonesia to attract family offices as city steps up efforts, InvestHK says
https://www.scmp.com/business/money/article/3264314/hong-kong-hones-middle-east-indonesia-attract-family-offices-city-steps-efforts-investhk-says
Li Ka-shing’s unfilled towers show deepening Hong Kong downturn
https://www.businesstimes.com.sg/property/li-ka-shings-unfilled-towers-show-deepening-hong-kong-downturn1
Johor to trial QR code immigration clearance from Jun 1, starting with Malaysians travelling by bus and motorbike
https://www.channelnewsasia.com/asia/malaysia-johor-qr-code-immigration-clearance-causeway-second-link-pilot-bus-motorbike-4366131
Philippine finance minister expects 150 bps of rate cuts in next 2 years
https://www.businesstimes.com.sg/international/asean/philippine-finance-minister-expects-150-bps-rate-cuts-next-2-years
Thai economic chiefs weigh steps to lift growth, credit access
https://www.businesstimes.com.sg/international/thai-economic-chiefs-weigh-steps-lift-growth-credit-access
https://www.channelnewsasia.com/business/thailand-plans-stimulus-2024-growth-seen-low-25-finance-minister-says-4366021
UK shop inflation back to ‘normal’ levels as election draws near
https://www.businesstimes.com.sg/international/uk-shop-inflation-back-normal-levels-election-draws-near
Britons buying fewer off-plan houses as mortgage pressure mounts
https://www.businesstimes.com.sg/property/britons-buying-fewer-plan-houses-mortgage-pressure-mounts
Foreign investment pledges to Vietnam drop 42% in May
https://www.businesstimes.com.sg/international/asean/foreign-investment-pledges-vietnam-drop-42-may
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